Ikano Retail, owner of IKEA Philippines, posts EUR 1.09 billion in total turnover

PHILIPPINES – Ikano Retail, the IKEA franchisee that brings Swedish home furnishings to Singapore, Malaysia, Thailand, Mexico, and the Philippines, posted EUR 1.09 billion (SGD 1.57 billion) in turnover in its 2024 financial year.

With 14 omnichannel IKEA stores and five IKEA-anchored shopping centers in its portfolio, Ikano Retail is one of 12 IKEA franchisees around the world. The retailer posted a modest performance compared to last year, with total revenue rising 1.3 percent year-on-year. This growth was buoyed by the strengthening of local currencies in Mexico and Singapore against the Euro, along with a strong performance from its shopping center business.

In the Philippines, Ikano Retail owns and operates the world's largest IKEA store with IKEA Pasay City, an omnichannel business with e-commerce, Click & Collect pick-up points, IKEA Food and a B2B arm, IKEA for Business. It closed its financial year on 31 August with a turnover of EUR 141 million(1), down 2 percent from last year.

“Worldwide, retail had a tough year, and so did we,” said Ikano Retail CEO Christian Roejkjaer, acknowledging the impact inflation and the rising costs of living have had on consumers. “But coming together to turn a challenge into an advantage is the very essence of our Ikano and IKEA company culture,” Mr Roejkjaer added.

Despite mixed performances across its markets, the retailer is committed to lowering prices on essential and best-selling home furnishing items, food, and services. “We’re passing on savings where we can because we know how tough it can be for households with thinner wallets,” said Mr Roejkjaer.

At a time of high inflation and living costs, IKEA Philippines is siding with the many people by investing in lower prices to help Filipinos feeling the pinch find savings where it matters. The furniture retailer has lowered prices again this year on over 2,000 articles, 20% of which are essential or best-selling items, from its sleep solutions to cookware. IKEA Philippines has also lowered the price on parcel and delivery services and offered free Click and Collect options to help customers stretch their hard-earned savings further.

Across Ikano Retail markets, IKEA storage solutions once again met the needs of customers looking to declutter their spaces. Items from the MALM, PAX, and BILLY families took the top three spots respectively, based on total sales value from all 14 of Ikano Retail’s IKEA stores. In the Philippines alone, 14,675 BILLY bookcases were sold as many turned to the iconic IKEA shelf to keep their homes and offices organized. Meanwhile, IKEA Food remained a destination across markets, again welcoming 14.5 million visits across all its IKEA restaurants, cafes, bistros and Swedish Food Markets. Total food sales were down 3 percent, partly impacted by global food supply, but the business will continue to meet the needs of customers looking for delicious and more affordable food options.

Said Mr Roejkjaer, “A big thanks to the Ikano Retail team that took us through the year to become leaner, more agile, and making our store-based omnichannel business model more customer-focused than ever.”

(1)All financial figures are reported in Euros, the official reporting currency of Ikano Retail.

Fast facts
1 September 2023 – 31 August 2024

 • EUR 188.94m Total ecommerce sales across Ikano Retail markets, up 6% from the last financial year.

 • 49.3 million Meat, plant, chicken, and vegetable balls sold across five countries. 5.36 million in the Philippines.

 • 5.54 million Bowls and plates from the OFTAST series sold; 2,276,199 in the Philippines.

 • 4.93 million IKEA Family members across Ikano Retail markets – up 1.65% from the year before.

 • 658,300 IKEA Family members in the Philippines, accounting for 50.5% of total sales in the country.

 • 791,000 Online customers served, 10% more than last year.

 • 550,000 Members across five Ikano Centres, a 22% increase.

 • 176,343 BILLY bookcases sold across Ikano Retail markets, up 7% from last year.

 • 4,942 Co-workers across Ikano Retail – including 641 in the Philippines.

Turnover from Ikano Retail’s IKEA stores contributed to the total result to be reported on 8 October by the global IKEA franchisor, Inter IKEA Group. The table below reflects Ikano Retail’s store and centres turnover.